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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Can You Protect Your Home In Chapter 7 or Chapter 13 Bankruptcy?

If you own a home and you are in financial turmoil, you may be wondering what will happen to your home if you file for bankruptcy. For many, the primary concern that they have when entering the bankruptcy process is that their home is protected. This blog will explore the implications of filing for personal bankruptcy in a chapter 7 or chapter 13 on an individual’s residential real property.

As an aside, in either chapter 7 or chapter 13 a debtor would need to continue to pay their mortgage and property taxes in order to avoid an eventual foreclosure.

What Happens After I File Bankruptcy?

When you begin considering filing for bankruptcy, you likely have many questions about the process itself and what will happen after everything is all said and done. Your financial future may look very different after you file bankruptcy. Many of your long-term goals are still attainable after you go through the bankruptcy process—and it may not take as long as you might think. 

Tax Liability: Offers in Compromise

Many individuals have significant tax liabilities that they cannot afford to repay.  Tax liability can arise from not having enough tax withheld from your paycheck, withdrawing monies from retirements, bad investments, filing a return incorrectly and later having it audited, or failing to pay quarterly estimated business taxes.  This list is not exhaustive and there are numerous other instances that can result in owing money to a taxing authority, including the Internal Revenue Service (“IRS”) and State of New Jersey Division of Taxation. 

Tax liability is defined as the total amount the taxpayer owes, including taxes, penalties, interest, additions to tax, and additional amounts required by law.  This article will deal with reducing tax liability with the IRS through a process called “offer in compromise” (“OIC”).

New Jersey Wrongful Death Claims

The death of a loved one will always cause emotional and financial grief to family members. Wrongful death cases are frequently challenging for clients, because they often have to relive tragic events and deal with controversial issues in the case. Common wrongful death cases in New Jersey include car accidents, truck accidents, motorcycle accidents, workplace accidents, medical malpractice, bicycle accidents, defective products, lack of security, and wrongdoing by law enforcement.

What Types of Accidents Qualify for Personal Injury Compensation?

There are many different types of accidents that can qualify for personal injury compensation. If you have been injured in an accident, one of the first things you should do is take the time to consider whether or not someone else is responsible for your injuries. Under personal injury law, if you have been injured in an accident due to a third party’s negligent acts you have the right to file a claim to seek damages. So how do you know when you have a case and when you don’t?

New Jersey Superior Court Service of Process

In New Jersey, after you file a lawsuit or other legal document naming another party in the action, you must provide the defendant with a copy of the filed document. This is called service of process.  This is an extremely important step in any lawsuit.  Without proper service the defendant can easily defeat the moving papers, or the court will refuse to entertain the relief requested in the moving papers.  After service is completed, the server will fill out an affidavit which will be filed with the court. The affidavit of service describes the date, place, time and how the paperwork was served.  

Avoiding Holiday-Related Spending and Credit Card Debt Woes

We recently had Black Friday and Cyber Monday, two of the biggest single holiday-related shopping days of the year in the U.S. However, plenty of additional holiday-related purchases will be made between now and New Year’s Day. Consumers face substantial pressures to buy, buy, buy at this time of year. But it is important to remember that these purchases may cost far more than their sticker price if you purchase them with credit.

Helpful Bankruptcy Terms You Should Know

Filing for bankruptcy is not a process that should be taken lightly. And to make sure you fully understand what you’ll be getting into, it is important that you take the time to go over some of the most common terms associated with both Chapter 7 and Chapter 13 bankruptcy. While the help of an experienced New Jersey bankruptcy attorney will certainly make some of the more confusing areas of bankruptcy law a bit easier to grasp, educating yourself is always in your best interest.

Shopping Injuries and New Jersey Premises Liability

Whether it is for necessities, a gift or a personal splurge, New Jersey residents often find themselves shopping at stores. While this is a relatively normal and routine task that appears to hold very little risk, shoppers are presented with dangers every time they walk into a store. Shopping injuries could happen suddenly and could leave a customer with serious injuries whether they are shopping at a grocery store, retail store or shopping mall.

Are Property Settlement Agreements Discharged in Bankruptcy?

If you have gone through a divorce, are going through one or are even contemplating divorce, then you know it can often be a confusing and challenging process. Many questions can arise with respect to the equitable distribution of assets and liabilities.

As many already know, the division of assets and liabilities are set forth in a Property Settlement Agreement which is voluntarily entered into by both parties. As part of a Property Settlement Agreement, for example, an ex-spouse may have to provide a period of alimony support to the other spouse or has agreed to incur the marital credit card debt.

However, because divorce is in fact a disruptive process, many spouses can end up in debt over their heads and do not have the money to cover their support and/or debt obligations. Therefore, the question becomes: Can an ex-spouse file for Bankruptcy and discharge these debts agreed upon in the Property Settlement Agreement?

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